Thank you Mr. Chairman for convening this important oversight hearing. Today we will address the issue of derivatives and the rules that should govern their accounting treatment.

Both the Securities and Exchange Commission and the Financial Accounting Standards Board have promulgated regulations on this issue.

Certainly investors and consumers should have full access to necessary and relevant information concerning risk. However, this hearing will explore concerns regarding access to sensitive information by competitors, as well as the degree to which certain information may or may not be helpful and useful to investors.

I look forward to the comments of our witnesses.

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